In second quantization, the Hamiltonian describing the hopping process between two neighboring sites is given ($N$ - number of particles and $M$ - number of sites) by:
$$\hat{\mathcal H} = J\sum\limits_{\langle i,j \rangle}\hat{a}^{\dagger}_{i}\hat{a}_{j}$$
It can be diagonalized using Fourier series
$$\hat{a}_{i} = \frac{1}{\sqrt{M}}\sum\limits_{\mathbf{k}} \hat{b}_{\mathbf{k}}e^{-i\mathbf{k}\cdot\mathbf{R}_i}$$
The ground state is given by
$$|\mathrm{GS}\rangle = \frac{1}{\sqrt{N!}}\left( \hat{b}^{\dagger}_{\mathbf{k} = \mathbf{0}}\right)^N | 0 \rangle \approx C\ e^{\sqrt{N}\hat{b}^{\dagger}_{\mathbf{k} = \mathbf{0}}}| 0 \rangle$$
How is the approximation justified ($C$ ensures normalization)?
UPDATE
I calculated a few quantities using both states. First of all both states can be represented using site creation operators $\hat{a}_i$ in the following way: $$|\rm GS_{1}\rangle = \frac{1}{\sqrt{N!}}\left[\frac{1}{\sqrt{M}}\sum\limits_{i=1}^{M}\hat{a}_{i}^{\dagger} \right]^{N} |0\rangle$$ $$|\rm GS_2 \rangle = \prod\limits_{i=1}^{M}e^{\sqrt{\frac{N}{M}}(\hat{a}^{\dagger}_i - \hat{a}_i)}|0\rangle$$ so the first state is $\rm SU(M)$ coherent state while the second one is the product of Glauber coherent states. A few quantities of interest:
Energy - expectation value of the Hamiltonian: $$\langle \hat{\mathcal H} \rangle_{1} = 2JN$$ $$\langle \hat{\mathcal H} \rangle_{2} = 2JN$$
Particle density and fluctuations: $$\langle \hat{n}_{i} \rangle_{1} = \frac{N}{M},\ \ \ \langle \Delta \hat{n}_{i}^{2} \rangle_{1} = \frac{N}{M}\left(1 - \frac{1}{M} \right)$$ $$\langle \hat{n}_{i} \rangle_{2} = \frac{N}{M},\ \ \ \langle \Delta \hat{n}_{i}^{2} \rangle_{2} = \frac{N}{M}$$
Total number of particles and fluctuations: $$\langle \hat{N} \rangle_{1} = N,\ \ \ \langle \Delta \hat{N}^{2} \rangle_{1} = 0$$ $$\langle \hat{N} \rangle_{2} = N,\ \ \ \langle \Delta \hat{N}^{2} \rangle_{2} = N$$
As @NorberSchuch mentioned in his answer below particle density fluctuations are practically the same and coincide in the thermodynamic limit.